Aging Population Spending More
for Healthcare Services
The U.S. is experiencing an unprecedented demographic shift, which is fundamentally reshaping healthcare demand and positioning medical outpatient buildings (MOBs) as a resilient and attractive long-term strategy. 2026 marks the first year that baby boomers begin to turn 80. By 2030, an estimated 73 million Americans will be 65 or older, representing 20.0% of the population.1 The 80-plus senior population is expected to grow by more than 55.0% over the next decade, with nearly 10,000 Americans turning 80 every day.1 Healthcare demand is highly age-driven. Americans 65-plus make up 17.0% of the population and account for 37.0% of all personal healthcare spending. This trend in healthcare spending supports the continued growth of MOBs.2
Annual Healthcare Spend by Age1
Data as of September 2026
1 Worldbank.org Population Estimates, April 2026 Data
2 Centers for Medicare & Medicaid Services, National Health Expenditure Fact Sheet
Supply/Demand Dynamics
MOB construction starts are at decade lows. As of 2025, starts had fallen 30.0% since 2021, while completions are following the same pattern on a lagged basis, reaching their lowest level since 2022.3 New development projects are hard to underwrite due to higher construction and financing costs. Fitting out a basic MOB now averages $412 per square foot, pushing total construction costs above $600 per square foot, nearly double the average MOB sale price of $310 per square foot as of Q1 2026.4
Medical Outpatient Building Starts5
Data as of September 2026
3 JLL MOB Fit-Out Cost Guide, Q4 2025 Data TTM; JLL 2026 Medical Outpatient Building Perspective
4 JLL MOB Fit-Out Cost Guide, 2026; CBRE U.S. MOB Q1 2026 Figures
5 JLL MOB Fit-Out Cost Guide, 2026
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